Alert: Error GIC Maturity Instructions | Wyth Financial (formerly Concentra Bank) | Discussion forum

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Alert: Error GIC Maturity Instructions
July 12, 2022
12:56 pm
Nehpets
Ontario
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If you have a GIC maturing at WYTH, and even though you may have confirmed the proceeds to be transferred to your savings account, with verbal instructions to a CSR AND have received an paper confirmation in the mail confirming your instructions, it is possible the GIC will be renewed anyway, as happened to me.

My spouse had a GIC maturing at the same time and it was processed correctly.

On calling a CSR I was told instructions to cancel the GIC renewal and transfer the fund to the svgs acct would take several days to process, because CSR's do not have the authority nor tools to correct the problem.

I insisted on speaking to a management person, who assured me the transfer would be corrected the same day, which it was, but could not explain why the error occurred and would need further investigation on their part.

So I pass this along as a heads up that despite verbal and written confirmation, GIC's maturing at WYTH / Concentra may not be processed as expected.

BTW this is the same place that now limits incoming EFT's to $100. They say the reason is to protect themselves against some undisclosed security issue.

WYTH is now on my avoid list.

Stephen

July 12, 2022
1:06 pm
HermanH
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To be fair, errors of this type are not limited to Wyth. I have encountered the same problems with CIBC and others. All were cleared up quickly. You just have to be diligent.

July 12, 2022
2:06 pm
Nehpets
Ontario
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HermanH said
To be fair, errors of this type are not limited to Wyth. I have encountered the same problems with CIBC and others. All were cleared up quickly. You just have to be diligent.  

I am aware that an error can occur. My point in sharing this event is that the CSR's are unable to determine why such an error occurred, and first response was that it would take several days to resolve.

These errors, are typically resolved in one call, but this required escalation to a management person.

It was my own diligence that identified, and ultimately required my perseverance resolve the issue in a timely manner.

July 12, 2022
2:39 pm
Loonie
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Nobody should accept "several days" for an answer. It's more or less the equivalent of "Go away; don't bother me; I don't have a clue." A well trained CSR in a well functioning organization would have heard your concern and escalated the matter without you having to ask.
You might never hear from them again, during which time your new GIC would become locked in. I believe that by law you have only ten days in which to get the matter rectified.

July 12, 2022
2:58 pm
Nehpets
Ontario
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Loonie said
Nobody should accept "several days" for an answer.

Precisely, Loonie! I feel there have been some red flags in recent weeks / months with regard to WYTH that has made me lose my faith in them for now.

I reported a few glitches in their online interface when they first became WYTH, none of which have been addressed.

That combined with "wait a few days", incoming EFT limit $100, takeover by EQ and the fact that they had no idea why the error processing my GIC redemption occurred would make anyone with substantial cash available for deposit, take pause.

Stephen

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